Hawker Energy Inc. (OTC: HWKR) said Jan. 21 that it signed a share purchase agreement to acquire all of the shares of TEG Oil & Gas USA Inc. from Sefton Resources Inc. (OTC: SFNRF). TEG owns the Tapia Canyon and Eureka oil fields in California, Hawker added.
Hawker will issue 3 million of its common shares and a five-year share purchase warrant for 5 million additional shares at 25 cents each, the company said. The company and its subsidiary gave about $1.7 million in advances to TEG since April 2014, pursuant to a secured subordinated note.
Tapia Canyon Field is about 40 miles north of Los Angeles and
The Eureka Field covers about 1,600 gross acres in Ventura County, about 25 miles west of the Tapia Canyon Field. “The property has exploration potential,” TEG added.
Bank of the West is TEG’s senior lender. The transaction is scheduled to close Jan. 31. It must be approved by Sefton’s shareholders, Hawker said. This transaction “amends and replaces” an earlier transaction described in November filings, due to “a significant decline in oil prices and other factors,” the company added.
Redondo Beach, Calif.-based Hawker Energy Inc. acquires oil properties in Southern California.
Recommended Reading
E&P Highlights: March 25, 2024
2024-03-25 - Here’s a roundup of the latest E&P headlines, including a FEED planned for Venus and new contract awards.
E&P Highlights: April 1, 2024
2024-04-01 - Here’s a roundup of the latest E&P headlines, including new contract awards.
Remotely Controlled Well Completion Carried Out at SNEPCo’s Bonga Field
2024-02-27 - Optime Subsea, which supplied the operation’s remotely operated controls system, says its technology reduces equipment from transportation lists and reduces operation time.
Deepwater Roundup 2024: Offshore Africa
2024-04-02 - Offshore Africa, new projects are progressing, with a number of high-reserve offshore developments being planned in countries not typically known for deepwater activity, such as Phase 2 of the Baleine project on the Ivory Coast.
Deepwater Roundup 2024: Offshore Australasia, Surrounding Areas
2024-04-09 - Projects in Australia and Asia are progressing in part two of Hart Energy's 2024 Deepwater Roundup. Deepwater projects in Vietnam and Australia look to yield high reserves, while a project offshore Malaysia looks to will be developed by an solar panel powered FPSO.